cross popup-offer
Call Back
cross cross
logo

24x7 Support Available

call-back

To Get the Best Price Chat With Our Experts

chat now

In A Hurry? Get A Callback

Close Button
Signup/Login
Back All services Close Button

World's Leading Assignment Library

Continued assistance through writing and revision till final submission by the professional and experienced writers.

  • 10 subjects

  • 2,10,1000
    solved Questions

  • 500 Solved Questions
    Added Everyday

  • Download Solution
    in Seconds

Federation Business School BUACC3741: Auditing

Question Preview:

Question 1. (7 marks) The International Accounting Standards Board (IASB) recently issued Exposure Draft IFRS Practice Statement Application of Materiality to Financial Statements to provide guidance to assist management when applying the concept of materiality to general purpose financial statements. Information is material if omitting or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity. Guidance is proposed in the following three main areas: • Characteristics of materiality • How to apply the concept ...

View complete question »

Question Preview:

Question 1. (7 marks) The International Accounting Standards Board (IASB) recently issued Exposure Draft IFRS Practice Statement Application of Materiality to Financial Statements to provide guidance to assist management when applying the concept of materiality to general purpose financial statements. Information is material if omitting or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity. Guidance is proposed in the following three main areas: • Characteristics of materiality • How to apply the concept of materiality when making decisions about presenting and disclosing information in the financial statements, and • How to assess whether omissions and misstatements of information are material to the financial statements. Explain and discuss Question 2. (7 marks) Two main issues for auditors going forward concern ‘Big Data’ and ‘End-to-End Software Integration’. Explain and discuss Question 3. (6 marks) From transformative technology to complex regulation to unprecedented geopolitical risk, an increasing tide of disruptive trends are demanding substantive change to the global role of audit committees. Explain the nature of disruption in this context

Sourced from KPMG Audit Trends 2016 https://assets.kpmg.com/content/dam/kpmg/pdf/2016/05/Audit-Trends-2016.pdf

View less »

Solution preview

Characteristics of materiality

The materiality concept refers to the impact of materiality constraints in the financial statements. At the time of Audit planning process, the level of materiality is decided by the auditor taking into consideration the entire disclosure of financial information about the company. The decisions are based on judgement made by the auditor on nature, size, any misstatement or omissions that can influence the decisions of the user of financial information.

Get solution

whatappWhatsApp Order whatappWhatsApp Order

STAY UPDATED WITH LIVEWEBTUTORS

java assignment help

we provide assignment help melbourne

free turnitin report get free turnitin
Free turnitin

DMCA.com Protection Status © Livewebtutors. All Rights Reserved 2019

Arrow up